SEC’s key findings from DAO report:
- Commission has determined that DAO Tokens are Securities under the Securities Act and Exchange Act.
- Foundational Principles of the Securities Laws apply to Virtual Organisations or Capital Raising Entities making use of Distributed Ledger Technologies.
- Issuers must register offers and sale of Securities unless a valid exemption applies
- A System that meets the definition of an Exchange must register as a National Securities Exchange or operate pursuant to an Exemption from such registration
Read the SEC DAO paper here.